Asia Oil Industry Urges Trump Withdrawal Amid Strait of Hormuz Disruption
The Asia oil industry is calling for US President Donald Trump to withdraw from the Gulf region in order to resolve the ongoing conflict and restore safe passage through the Strait of Hormuz.
A recent APPEC conference in Singapore revealed that nearly all delegates, including Middle East oil producers, trading houses, shippers, and refiners, agree that Trump's departure is crucial for resolving the crisis.
The conflict has resulted in a significant decrease in oil supplies from the Middle East, with volumes through the Strait of Hormuz dropping to around 75% of pre-war levels. This means the global market is missing out on approximately 5 million barrels per day (bpd) of crude and refined fuels.
The industry's optimism that the conflict would be resolved within a few weeks or months has evaporated, with delegates now discussing how to navigate a prolonged disruption.